Business, 25.03.2020 05:23, aaronolivera200161

Reed Incorporated uses a job-order costing system and a predetermined overhead rate based on machine hours. At the beginning of the year, the company estimated manufacturing overhead for the year would be $240,000 and machine hours would be 8,000. The following information pertains to December of the current year: Job 10 Job 11 Job 12 Total Work-in-process, Dec. 1 $16,000 $26,000 $38,000 $80,000 December production activity: Materials requisitioned $4,000 $4,800 $7,200 $16,000 Direct labor cost $2,400 $3,600 $4,000 $10,000 Machine hours 400 700 900 2,000 Labor hours 120 180 200 500 Actual manufacturing overhead cost incurred in December was $61,000. Required: A. Compute the predetermined overhead application rate. $ B. Determine the total cost associated with each job. Job 10 $ Job 11 $ Job 12 $ C. If Jobs 10 and 12 were completed, prepare the journal entry to move the cost. D. If Job 10 was delivered to customers that paid $50,000 cash, prepare the journal entries. E. What is the gross margin for Job 10

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Reed Incorporated uses a job-order costing system and a predetermined overhead rate based on machine...